President Paul Kagame has said that Africa’s future prosperity will be delivered, in large part, through inclusive private-sector growth along with governments playing big role to make it a reality.
Kagame was speaking Friday in Sharm el Sheikh, Egypt in the official opening of the Africa Business Forum.
Kagame joined President Sisi El Fattah of Egypt,President Alpha Condé of Guinea and Chairperson of the African Unionand other Heads of State in the opening of the Forum.
The head of state commended President Sisi’s vision and foresight, in bringing all the regions of the continent together, in collaboration with Common Market for Eastern and Southern Africa (COMESA) to empower the youth through business and entrepreneurship.
“This reminds us, once again, of Egypt’s historic commitment to Africa’s independence and progress, and its unique role as a bridge between Africa, and the wider Middle East,” he said.
How inclusive private-sector growth can be achieved?
“Africa’s future prosperity will be delivered, in large part, through inclusive private-sector growth; however, governments have a big role to play, to make that a reality,” he noted.
Kagame explained that by making it easier to do business within African countries,the continent has to catch up fast, and compete globally.
“We can’t afford to waste opportunities because of unnecessary red tape, and the associated delays,” he said
Kagame it will be achieved by making it easier to do business, with each other, in Africa, and integrating African markets, to make them more attractive for investment.
“This is why regional cooperation is becoming increasingly central to Africa’s future, as we see with the Tripartite Free Trade Area which joins COMESA, the East African Community and the Southern African Development Community,” he explained.
“The institutional reform of the African Union that is currently underway, with strong support from African leaders, is essential to getting these agreements fully operational, so that our citizens can enjoy the benefits,” he added.
He said putting information technology and broadband connectivity into the hands of young people; particularly entrepreneurs can help private sector growth.
“That is the logic behind the Smart Africa initiative, based in Kigali, with more than 20 Member States around the continent,” he said adding that prosperous economies are knowledge economies